IQM Quantum Computers reported its first results as a public company on August 5, 2026: H1 2026 revenue of €8.87 million ($10.20 million), up 47% year-over-year. IQM went public through a business combination with Real Asset Acquisition Corp. in July 2026, listing on both Nasdaq and Nasdaq Helsinki as, by IQM's own description, the first European pure-play quantum computing company on Nasdaq.
The backlog number is the one that moved
IQM's order backlog stood at €69.1 million as of June 30, then jumped to €102.1 million by August 3 after a contract with CSC, Finland's IT center for science. A backlog growing by roughly a third in five weeks, from a single named contract, says more about near-term revenue visibility than the H1 revenue figure does on its own, since backlog converts to booked revenue over the following quarters rather than needing to be re-sold each time.
Cash position
IQM's liquidity went from €118.88 million pre-combination to €309.4 million ($337.2 million) after the business combination closed on July 2, 2026, the direct result of the SPAC-style transaction bringing in trust-account cash alongside IQM's existing balance. Gross profit for H1 was €3.60 million against a net loss of €74.90 million, a loss size consistent with a hardware company scaling R&D and manufacturing ahead of revenue, the same pattern Quantinuum's first public quarter showed.
FY2026 guidance
IQM guided to €42 million to €47 million in full-year revenue and €65 million to €75 million in order intake. Measured against H1's €8.87 million in revenue and the backlog already secured, hitting the low end of that range depends on a substantially heavier H2, which is typical for a hardware vendor whose large system sales cluster around specific delivery dates rather than spreading evenly across the year.
What to watch next
Whether the CSC contract that pushed the backlog to €102.1 million is followed by comparable deals before year-end, since the FY2026 revenue guidance implies IQM needs several times its H1 revenue to land in range. IQM's next report will be the first full quarter entirely inside its new public-company reporting cadence, without the transition noise of the business combination itself.